10月13日，锐明技术跌5.05%，截至发稿，报47.00元/股，成交2.04亿元，换手率3.50%，总市值84.82亿 元。 资料显示，深圳市锐明技术股份有限公司位于广东省深圳市南山区学苑大道1001号南山智园B1栋21-23 楼,香港湾仔皇后大道东183号合和中心46楼，成立日期2002年9月3日，上市日期2019年12月17日，公司 主营业务涉及以视频为核心的商用车监控信息化产品的研发、生产和销售。主营业务收入构成为：商用 车行业信息化产品83.73%，商用车通用监控产品14.28%，其他2.00%。 从基金十大重仓股角度 陈国峰累计任职时间3年19天，现任基金资产总规模3.74亿元，任职期间最佳基金回报64.84%， 任职期 间最差基金回报1.74%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 华夏中证2000ETF（562660）成立日期2023年9月6日，最新规模1.94亿。今年以来收益43.18%，同类排 名988/4220；近一年收益61.96%，同 ...

深圳市锐明技术股份有限公司 2025 年半年度报告全文 深圳市锐明技术股份有限公司 深圳市锐明技术股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人赵志坚、主管会计工作负责人刘必发及会计机构负责人(会计 主管人员)巢琪声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 半年度报告如有涉及的前瞻性陈述不构成公司对投资者的实质性承诺，能 否实现取决于市场状况变化、经营团队的努力程度等多种因素，存在不确定 性，敬请投资者注意投资风险。 公司存在美国贸易战带来的全球供应链变化、市场竞争加剧的风险、技术 更新换代风险、应收账款发生坏账的风险、汇率波动风险、供应链风险、管 理风险、网络安全风险。详细内容见本报告"第三节 管理层讨论与分析"之 "十、公司面临的风险和应对措施"。 公司经本次董事会审议通过的利润分配预案为：以实施权益分派股权登 记日登记的总股本为基数，向全体股东每 10 股派发现金红利 4 元（含税）， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has significant growth potential in the commercial vehicle information technology sector, with a notable increase in product value due to continuous technological iterations. Compared to its US counterpart, Samsara, the company's valuation is significantly lower, indicating potential for upward valuation adjustments in the future [1][3]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 2.777 billion yuan, a year-on-year increase of 63.45%, and a net profit attributable to shareholders of 290 million yuan, up 184.50%. In Q1 2025, the company reported revenue of 515 million yuan, a year-on-year increase of 2.53%, and a net profit of 101 million yuan, up 89.60% [3][8]. - The company's domestic revenue in 2024 was 693 million yuan, a year-on-year increase of 14.80%, while overseas revenue reached 1.281 billion yuan, up 44.99%. Revenue from commercial vehicle information technology products was 1.671 billion yuan, an increase of 25.99% [8]. Market Expansion and Strategy - The company has established a localized marketing network and a dual-brand strategy, particularly making strides in the European commercial vehicle market, which has enhanced its competitiveness in international markets. Plans are in place to establish subsidiaries in more countries and regions to deepen its global business network [8]. - The company is committed to a global strategy, with significant improvements in production efficiency and quality control at its smart factory in Vietnam, which has gained recognition from clients in various regions [8]. Research and Development - The company continues to invest in R&D, with R&D expenses amounting to 284 million yuan in 2024, a year-on-year increase of 15.14%. The R&D expense ratio decreased from 16.57% in 2023 to 14.37% in 2024, indicating improved efficiency [8]. - The company has integrated AI algorithms with 5G and vehicle networking technologies, transitioning its products from "passive monitoring" to "active warning" and "active intervention," aligning better with industry demands for safety and efficiency [8]. Profitability Forecast - The company is expected to achieve net profits of 406 million yuan, 526 million yuan, and 717 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 40%, 30%, and 36%. The corresponding price-to-earnings ratios are projected to be 21, 17, and 12 times [8].